USGFX administrators get their immediate liquidation order
The administrators for bankrupt Retail FX brokerage group Union Standard International Group Pty Ltd, which operated the ASIC-licensed USGFX brand in Australia, were granted the immediate liquidation order they requested from the Australian courts.
Yesterday (September 3), Justice David Markey Yates of the Federal Court of Australia (District Registry: New South Wales) issued a court order listing Peter Krejci and Andrew Cummins of bankruptcy administration firm BRI Ferrier as plaintiffs, and Union Standard owner Soe Hein Minn as defendant. The court order calls for the company to be wound up, and for Messrs Krejci and Cummins to be appointed joint and several liquidators of the company.
As was reported exclusively by FNG in late August, the USGFX administrators applied to the court to immediately liquidate the company since they were unable to properly carry out their duties in voluntary administration. Specifically, the administrators noted that Mr. Soe and his representatives were actively attempting to prevent them from dealing with the company’s affair, in particular by refusing requests and orders of the Court for access to USGFX’s MT4 and MT5 platforms through which the business was conducted.
We understand that the administrator is still pursuing a sale of USGFX’s assets, including (primarily) its client list.
BRI Ferrier is also still trying to untangle the claims being made against the company by creditors and clients, which seem to include a large amount of money which was placed into mainland China. These include claims that USGFX provided a service to hold client funds in bank accounts and earn interest, rather than for trading purposes.
The court order re the immediate liquidation of Union Standard can be seen here (pdf).